MEGI vs VXZ: Correlation
How closely do NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MEGI and VXZ?
On 3 years of weekly data the MEGI/VXZ correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.41) sits close to the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -213.9 %².
VXZ is close to the least connected end of MEGI's tracked universe, ranking #29 of 29. Their recent paths diverged sharply: over the last 12 months MEGI outperformed by 30.8 percentage points (+14.7% for MEGI against -16.1% for VXZ).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
MEGI vs VXZ: side by side
| MEGI (NYLI CBRE Global Infrastructure Megatrends Term Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +14.7% | -16.1% |
| 5-year return | +20.7% | -53.1% |
| Volatility (ann.) | 19.4% | 25.6% |
| Beta vs S&P 500 | 0.49 | -1.31 |
| Max drawdown (3Y) | -17.4% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 4.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MEGI | VXZ |
|---|---|---|
| 2022 | -23.3% | +0.5% |
| 2023 | +5.5% | -44.0% |
| 2024 | +5.2% | -12.7% |
| 2025 | +26.2% | +5.7% |
| 2026 | +16.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MEGI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.43, MEGI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MEGI and VXZ?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.41 over the last year and -0.45 over 5 years.
Is VXZ a good diversifier for MEGI?
Yes. With a correlation of -0.43, MEGI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/megi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/megi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MEGI correlations · VXZ correlations
